How much do loan processors make per loan?
How Much Do Mortgage Loan Processor Jobs Pay per Hour?
| Annual Salary | Hourly Wage | |
|---|---|---|
| Top Earners | $60,000 | $29 |
| 75th Percentile | $51,500 | $25 |
| Average | $47,138 | $23 |
| 25th Percentile | $37,500 | $18 |
How do mortgage loan processors get paid?
Yes, loan processors can and do earn commissions. Usually, loan processors get paid either for each loan file application executed or through a salary which comes with a bonus for a particular volume of monthly funded loans.
What is the average salary for a mortgage loan processor?
Loan Processor Salaries
| Job Title | Salary |
|---|---|
| Recruit Shop Loan Processor salaries – 1 salaries reported | $65,000/yr |
| Aussie Home Loans Loan Processor salaries – 1 salaries reported | $33,800/yr |
| Mortgage Choice Loan Processor salaries – 1 salaries reported | $69,437/yr |
| AFG Homeloans Loan Processor salaries – 1 salaries reported | $65,000/yr |
How much do loan processors make at US Bank?
How much does a Loan Processor make at U.S. Bank in the United States? Average U.S. Bank Loan Processor hourly pay in the United States is approximately $23.78, which is 22% above the national average.
What is a mortgage loan processor?
A mortgage processor, or loan processor, is responsible for assembling, administering and processing your loan application paperwork before it gets approved by the loan underwriter. They play a key role in getting your mortgage loan request to the final close.
Is a mortgage loan processor a good job?
Is Loan Processor a Good Job? The BLS projects an 11% increase in loan officer positions between 2016 and 2026. This rate is higher than the national average for all careers combined, making loan processor careers an excellent option for those interested in the finance field.
How do I become a mortgage processor?
Alberta Mortgage Broker License
- be at least 18 years old,
- have a Canadian high school diploma or equivalent,
- be proficient in English,
- complete the Mortgage Associates Program (MAP),
- work as a mortgage associate for two years, then.
- submit your application to become a licensed mortgage broker with RECA.
What is a loan processors job?
A loan processor reviews loan applications before sending them to the underwriter for approval. As a loan processor, your responsibilities and duties include organizing required documents and verifying the accuracy and completeness of the loan application.
How many loan processors are in the US?
Mortgage Loan Processor Statistics and Facts in the US There are over 163,796 mortgage loan processors currently employed in the United States. 74.5% of all mortgage loan processors are women, while only 21.7% are men. The average age of an employed mortgage loan processor is 43 years old.
Is mortgage loan processor stressful?
One of the most common stress triggers in the mortgage process is feeling uninformed or uneducated in how things are done. By understanding the process, you’ll feel more empowered and “in-the-know” throughout each phase. If this is your first home, the process may seem complicated.
Is it hard to be a loan processor?
The job of a mortgage loan processor is an important one and it requires the incumbent to have certain skills and traits. It is a both challenging and highly rewarding role to fulfill and many people in the loan industry find the job of a loan processor to be their best stint overall.
